It's just the beginning for Spenda!, page-1607

We will all look closely at the details of any DW. Clearly, a meaningful one is a positive message. Not only because of potential future revenues it would enable, but also from the external validation. That part is very important (to me anyway), given a lot of the capital based has been from retail and private investors so far. Then what would be "meaningful"? People here suggest $100mio. That is a very big number... I think it is unlikely they get there, as investors with this kind of scale would require track record, both in terms of underwriting quality but also operational robustness, etc... Be careful of announcement with very large numbers as the capacity is unlikely to be committed. Many lenders have press headlines that are far in excess of what they can draw on without additional consent from the investors. Anyway, my opinion is that even $20mio would be meaningful to start with. I am not looking for the moon. $20mio would enable to ramp up origination in a controlled way and that is plenty of revenues. Something like $2-2.5mio annually. That is a good start. And enough to change the dynamics. If they then do a good job, they could source more and at a cheaper level. That is the sort of headlines I would be looking for, minimum $20mio committed funding at a cost of funding of more or less 10%, for their BNPL offering. As mentioned before, I don't think the initial warehouse would be for agri.